Canadian consulate sells luxury Hong Kong home, but not to fugitive Joseph Lau
Consulate spokesman insists sale was conducted in a fair and transparent manner and house went to the highest of several bidders
Fugitive tycoon Joseph Lau Luen-hung has failed in his bid to buy a luxury villa in Jardine’s Lookout owned by the Canadian consulate general.
The Canadian consulate sidestepped questions about whether Lau’s conviction over a high-profile bribery case in Macau was a factor but said the property was sold through open tender to “ensure best value for Canada”.
The 5,809 square foot house at No 6 Goldsmith Road was sold to Derby Development for HK$505 million, according to Land Registry data. The price was some 16 per cent below the HK$600 million assessed value.
Lau, former chairman of Chinese Estates, was understood to be one of the bidders for the 59-year-old house.
Lau bought another house at No 5 Goldsmith Road for HK$460 million, or HK$57,827 per square foot, which was a square foot record price in 2011. It was reported at the time that he gave the house as a gift to his three-year-old daughter.
A spokesman for the Canadian consulate said the villa in Jardine’s Lookout was the official residence of the consul general and was owned by the Canadian government.